"25 August 2018" Archive

Loss of security deposit against rented premises is business loss

M/s Outworks Solutions [P] Ltd Vs The J.C.I.T. (ITAT Delhi)

M/s Outworks Solutions [P] Ltd Vs JCIT (ITAT Delhi) No doubt, the assessee claimed write off as bed debt but it is equally true that the assessee did explain the sequence of events which prompted it for the said write off. There is no denying that the assessee does not fulfill the conditions mandated in […]...

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Contributions cannot be treated as Anonymous If Name & Address of Donee is Available

Dhirendra Pal Singh Institute Vs JCIT (ITAT Agra)

Dhirendra Pal Singh Institute Vs JCIT (ITAT Agra) The receiver of the donations has maintained the register of donors indicating the names and addresses of the donors and their identity as well in the form of Voter Card, Bank account, etc. The CIT (A) has found and opined in his order that these donations have been […]...

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Product Development expense for existing line of business is revenue expenditure

M/s. Nov Sara India Pvt. Ltd Vs Addl. CIT (ITAT Delhi)

M/s. Nov Sara India Pvt. Ltd Vs Addl. CIT (ITAT Delhi) Software development expenditure which was held to be capital expenditure by the Assessing Officer holding that it has given a benefit of enduring nature to the assessee. The claim of the assessee is that same is a license fee and, therefore, it cannot be […]...

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ICSI represents on Name Availability, Company Incorporation, DIR 3 KYC & DIN Issues

This is in continuation to the meeting held with your goodself on August 16,2018. As you are kindly aware, the Institute of Company Secretaries of India has always pioneered the cause of good governance, the implementation of the law in true letter and spirit while keeping in sight the best interests of all stakeholders....

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Posted Under: Income Tax |

ICSI represents on 7 Practical issues in Companies Law Rules

Sir, the Institute of Company Secretaries of India has always championed the implementation of the provisions of the law in true letter and spirit so as to promote and pursue good corporate governance. At the same time it has always held an empathetic view towards the concerns of the stakeholders....

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Posted Under: Income Tax |

Understanding Determination of place of supply and connected issues in GST

Hello friends, Greetings of the day! In this article, the provisions of the place of supply has been discussed with examples. ♠ GST is destination based consumption tax. Place of supply is that destination where the services or goods are deemed to be consumed. ♠ Determination of place of supply is important to ascertain the […]...

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Posted Under: Income Tax |

Assessment U/s. 153C not valid in Absence of incriminating material

Shri Balaji Builders Kakinada Vs ACIT (ITAT Visakhapatnam)

Shri Balaji Builders Kakinada Vs ACIT (ITAT Visakhapatnam) Merely because books of account could not be traced at the time of survey/search, it could not be presumed that the books of account were not maintained unless all the efforts were made by AO. Further As per the provisions of section 153C of the Act, it […]...

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Royalties and Fees for Technical Services [Article 12]

Whether or not the royalty/fees for technical services is taxable in India in the hands of the non-resident, will depend on provisions of Income Tax Act, 1961 (‘Act’) and the relevant Double Taxation Avoidance Agreement, if any. Further whether such royalty/ fees for technical services will also be taxed in the home country of the rec...

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Posted Under: Income Tax |

IGST payable on transportation of goods by vessel under RCM

In re M/s. Chambal Fertilizers And Chemicals Limited (GST AAR Rajasthan)

In re M/s Chambal Fertilizers And Chemicals Limited (GST AAR Rajasthan) a. The applicant is liable to pay IGST on transportation of goods by vessel under Reverse Charge Mechanism (RCM) under Notification No. 10/2017- Integrated Tax (Rate) dated 28.06.2017. b. Regarding exclusion of any component of expenditure upon imported goods (Ocean f...

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Jaipur Development Authority (JDA) is a Governmental Authority: GST AAR Rajasthan

In re M/S PDCOR Limited (GST AAR Rajasthan)

In re M/S PDCOR Limited (GST AAR Rajasthan) Whether service provided by the applicant is correctly classified under SAC Code 9983. Whether JDA falls under the definition of Local Authority or Governmental Authority or Government Entity.   Whether the services being provided by M/s PDCOR Ltd. in the said case are exempted from GST under...

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